News

Equities Market Roundup: Stocks Edge Up on Oil Prices

U.S. stocks gave back earlier gains today but are moving higher, led mostly by the energy sector. The spike in energy stocks came after OPEC said it will keep oil production at current levels. Investors were expecting the organization to raise the production quota to help ease the strain of higher oil prices as the global economy attempts to recover. The news also comes as data shows U.S. oil supplies also dropped more than expected. Oil prices are now trading above $101 a barrel. According to CNBC, the U.S. had put pressure on Saudi Arabia to get a deal done with the other OPEC members to cap crude prices. However, the oil minister for Saudi Arabia, OPEC's biggest producer, said, "This is one of the worst meetings we have ever had." In the U.S., Federal Reserve Chairman Ben Bernanke said the nation's economy was beginning to lag considerably. JPMorgan Chase (JPM) CEO Jamie Dimon took that as an opportunity to question whether the government's increased regulations was having a negative impact on the recovery effort.

For investors who feel they don't have enough risk in their portfolio: Stocks under $5 that could go bankrupt. [The Street]

Agree or disagree: Miscrosoft (MSFT) should buy Netflix (NFLX) to help boost its image. [Fortune]

Check back as more news develops.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer